Laid off and not sure how to recover from setback
Unfortunately, I was laid off a few weeks ago in November and have been having issues getting interviews despite having over 5 years experience across (2 top 5 bulge brackets and 1 MM firm).
Background:
At the first BB (JPM/GS/MS) I worked in a middle office job for 2.5 years and left to get more front- officey experience and joined a BB in a niche CIB type role. I spent 2 years at the 2nd BB and left because there was a significant amount of uncertainty with the bank and I could smell layoffs or elimination of my entire team being imminent. As a result, I joined a regional firm to work on alternative investments (PE, etc.). From the beginning, I really didn't like the fit of the company but I took it because it was better than the likely no job at bank #2 (team has since had significant cuts and my former boss confided I would have been one after he was laid off). Once on the job at the new place, it was worse than I could have possibly imagined with an insane amount of micromanaging (cubicles specifically set up so boss could see everything I was doing) as well as in office 5 days a week and just overall not a great place to be. I couldn't really recruit while there because due to the small size of the office and lack of any sort of privacy (nowhere to take zoom interview etc. and taking sick/vacation days being extremely frowned up coupled with time away from desk being somewhat monitored) I really had to try to just suck it up and put my head down and do the work with a positive attitude. Unfortunately, despite a "promotion" while there and positive feedback (but no formal review), I was laid off as the business unit I was in was unprofitable in consecutive years (2023-2024) and I was let go because I was the new guy after working there 9 months.
At this point, I am at a loss of what to do because I have been unable to get first rounds for analyst or associate roles at any top 50-100 banks despite having relevant experience, 3.8 gpa, etc. My search has been open to most FO roles and even corporate (though I'd really only exclude FP&A as I don't find it interesting).
Not sure how to proceed as Business school applications are due in 4ish weeks and I haven't started applying or GMAT/letters of rec, etc. and I also think if I get to August or September 2025 for Round 1 and I'm still unemployed it might make it incredibly difficult to get accepted.
Any advice helps and I'm sorry if any of this comes across as complaining at all. I'm just really at a loss of what to do.
Focus on getting a job, get your shit in order, and apply to business school in the fall if you really wanna go back to IB (I wouldn’t, you already had a taste of it didn’t work out. Just try something else). Before applying to business school, though I’d make sure that you’ve given the lateral market a chance, so far it sounds like you did. The market sucks but it’s no near impossible. Hate to say it, but it is a bit of you. The market may suck but others are still getting jobs. I’d take some time and reflect because it seems like your mental health has taken a beating based off of what you’ve written - don’t be afraid to talk to somebody. Wishing you the best.
Strongly Agree with the first half of your 1st sentence but not sure I agree with the 2nd. I actually really liked banking when I was at the second shop and even while at the first BB. The issue at hand was I knew the bank was downsizing considerably so the associates kinda took the biggest hit (a month after I left to join the MM the associates on my team at the BB were wiped out). Preferably, I'd like to go back to bigger bank again as I don't particularly like smaller firms (easier to get caught in negative teams with nowhere to avoid the BS of a bad manager while at a BB you can somewhat maneuver around the issue being on such a big platform). I haven't been applying for an extending period of time yet (2 weeks) so that is probably driving the lack of responses but I'm just trying to get a pulse on how dire the lateral market is because I've never been laid off and have been promoted 3 times in 5 years, have had consistently good to great reviews, etc. and am not sure how to proceed as it is so unfamiliar to me.
TLDR I'm just trying to get back on the grind.
Given the context of your banking experience I understand your point about smaller banks - much easier to get fired/laid off as they tend to be the Wild West and highly easier to get caught in the fire. If you want to re recruit you could reset through business school. I would start studying for the gmat now because you don’t know if you’re going to be the type of individual who will struggle with it or excel. It’s a tough test for many so you may be underestimating the amount of time it’ll take to do well on that test.
I admire your strength and I’m sorry you’re going through this right now. I am the same responder, I’d recommend to start the gmat or gre right now. People underestimate those exams and you’ll need to do well on them. A2A competition has made MBA summer associate recruiting a bit tougher so you need to get into a good school. Pm me if you want to talk further man.
4 weeks to cram in the GMAT and apps is just a bad idea. Don't do Round 2, its too little time.
Just keep doing what you're doing and give it a few months. The timing is especially tough this time of year because everyone is waiting for their bonus before they jump. Everything you're saying sounds logical and reasonable, you're probably a good candidate and just need to keep up the effort. Think of Dec-January as the pre-season of lateral recruiting: you want to be after it since you have the time, but you're probably just gaining an advantage on the real season which is the spring after bonuses get paid.
I'd spend the next couple of months recruiting but also (since it's the preaseason) knocking out the GMAT so you at least have that step done and can have a possible Round 3 MBA application in your back pocket. I know they tell you Round 3 is tough, I think that's mostly bullshit because people don't understand probability. There's fewer spots but also fewer applicants.
Yeah makes sense, honestly, such a crazy year. I'd really love to get in R3 but kind of juggling a lot and I would assume I'd get better scholarships/aid if I apply R1 with a stronger GRE/GMAT. This whole situation has me second-guessing finance, would like to do something that is business advisory-related, secure, and solid pay but finance is kinda tough right now and consulting is also shedding jobs left and right.
Perfectly healthy to take your time as you think about what you want to do long term. Just don't tell the b-schools that in your essays or interviews; they want to believe everyone they admit is on a linear path.
It will take at least a year. Usually 1 month for every $10k in salary
I sincerely hope that isn't the case I don't know if I can stomach having a resume gap that long.
Agree with the top comment - getting a job is going to be more important than getting THE job right now, especially if your most recent experience has been at a smaller firm (and it sounds like one of your BBs wasn't relevant experience, and one was CIB and very niche... none of this is very appealing)
I would broaden your net. If that means getting an FP&A job for a year while you polish up an MBA application, that is fine - agree not the most interesting job in the world, but it's also the one that tends to be hiring the most. I wouldn't do an MBA app this year, you are not going to get M7 or M15 with 4 weeks of prep and work.
Yeah I understand, I do have some warm leads in PWM back in my home state so maybe I can do that with the focus of getting my series 7 and then try to either get back into a "less" competitive banking role like Lev Fin/DCM/etc. where I have so far had some small success networking there and would appear that I will have an interview for a 3rd year analyst job soon. PWM is fine and I don't think is "beneath" me, I just think it is a hard sales job with high turnover with most people leaving in 1 year or less.
1 thing I do have that I didn't mention (in the hopes of not getting unnecessary hate) is that I am an URM which may help for business school apps but not really for lateral roles. Despite some of the "conventional wisdom" from mostly college students on WSO, banks do not really go hard on URM recruiting on the lateral market (coming from someone who has spent 5 years at 2 BB and participated in recruiting processes).
Agree totally, once you are past analyst level it doesn't really matter for lateral processes. It would help with MBA ASO recruiting if you get to that point.
PWM is fine place to hang out for a bit. Maybe you'll like it. At minimum, you can dual track a couple of things - MBA app, lateral apps, etc
What I would do is get a job and once you get the job start your MBA apps. Much harder to get in when you’re unemployed. Then just do a summer associate program crush it and then you’ll crush it as a first year associate.
Similar background as you (5 years of corporate finance / IB at BB and MM). I was laid of back in February 2024 and am still unemployed...It's been a brutal 10 months journey for my mental health. Keep grinding. I still don't have an offer.
yeah I hear you, it's honestly so unfortunate because in reality it largely had nothing to do with you and likely just some fuckhead MD that didn't like you for whatever reason (possibly even a protected characteristic which is generally impossible to prove). The last place I worked at was sketchy as fuck so I'm glad I don't have to be there anymore. The thing that gets me is that being unemployed, recruiters sink your stock to zero, and networking efforts usually feel like the other person thinks you're a leper (especially if they've never been laid off).
The good thing is I had a solid interview for a wealth/investment management job that went pretty well. The pay is on the lower side but it is a job and is fully remote for a pretty well known firm. If I get it, the job starts in February and I was thinking I would leave it off the resume/still look for something better until I hit the 6 month mark.
Congrats, hope that works out. Curious, where did you source/find the wealth/IM job? I've been mostly applying for IB (back to where I belong), Corp Dev, Strategic Finance and FP&A through LinkedIn postings. HHs have not been helpful.
Alright I was laid off last year from ER. I had 10+ interviews at reputable places. Take this from me. It’s a crap shoot out there. Hedge by starting your biz school app today. I waited and am kicking myself for it.
You need a backup plan
how long did it take you to get a new job? I am 10 months in since I got laid off
what do you normally say when people bring up the gap?
Similar boat more than 1 year. I do not want to go to Business school as I have just did a Master.
This whole year market was shit in terms of hiring but now I see that people are start hiring for next year / cycle. I know ppl who got laid off last year in Feb 2023 - they are landing roles now.
It is totally normal if you have not landed somewhere but not normal if you have given up / not a build a network which I have been doing in all verticals.
I have reflected a lot these few months and pick up some nice hobbies
Keep pushing and remember there is always a light at the end of tunnel.
op here, ended up getting a corp banking job at a top bb so I'm pumped! Layoffs suck but glad I was able to get back on my feet.
This industry sucks. Can't wait for a bootlicker to come in here and tell me how greatful I should be. What's the point of "high comp" if there's no job security and it takes a year to find a new role and your just burning through all that comp. Reminder to all prospects: doing IB for a few years does not guarantee you a 100k job 40hrs a week that's a lie sold to you on here.
Op here, I hear you 100%. I do not think finance is the end all be all field when you consider that 1. low job security 2. often political as fuck with bosses with abysmally low EQ 3. Very unlikely to see employees over 50 and even over 40 is pretty low too (considering most of us will want to work until 55+). 4. Non-existent training and sometimes coworkers that have literally zero original interests outside of work (high paid incel energy) that get off by being a dick at work. 5. Likely have to live in a very high COL city like NYC, which while fun, gets old after a couple years. There's only so many times you can go to a bar, etc. until eventually it loses the novelty.
With that being said, I struggle to see what the alternative is because the pay in most other fields is low or the other high paying fields require significant costs in schooling and good luck getting out once you're in it for a few years and decide you want to do something else.
Personally, I want to find something either here in NY since I'm already here or go to a warmer state down south or west coast. My interests outside of work more align there.
this
I would recalibrate expectations in your search. 3 jobs in 5 years, only one of which was IB-like (giving benefit of the doubt here), is not the profile most IBs are looking for. Sometimes you just get unlucky, which it sounds like you may have been with the last two firms, but you're not playing from a position of power here. Broaden your search and land a job. Once you're gainfully employed you can think through whether you want to go spend years and hundreds of thousands of dollars on breaking into IB but for now just go get a job.
I don't disagree. At the moment I just need to get a 100k salary in NYC to pay the bills even if the pedigree, etc. isn't the best so I am open to analyst and associate roles. It's really 3 jobs in 5.5 years which while not perfect, I did stick it out in 2 groups with insane turnover (group I worked at in a top BB had most analysts leave a year in). Once I get a new role I can figure out the rest and how to explain so not panicking yet but with that said, I will eventually need to rethink how I'm going to lateral to a longer term role where I'd have to explain the potential 4 jobs in 6 years. Lateralling is a pain and I'd much rather go somewhere that has a decent culture that I can grow my career in. All of my lateral moves have made sense so far. 1st Job: got out of MO to FO, 2nd job: Left before widely publicized layoff happened at BB 3rd: was laid off a few weeks ago and bank had a reported net loss in each quarter I was there so I was selected because I was the new guy (and they were paying a BB salary).
Similar position as you except I ended up quitting after a bad lateral move. Feeling pretty down about the whole situation but I’m hopeful to get another shot.
ended up getting an offer at a top bb in corp banking, pumped!
Bump, also laid off. Honestly, it is such an unpleasant experience especially because it's right before bonuses being paid out and there was no notice.
Guess you didn’t fit into their DEI quotas. If it was performance, they were supposed to provide you periodic feedback about it.
A officiis minima suscipit voluptate quia hic molestiae excepturi. Rerum dolores quia quis tempora quos quo voluptas.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Repudiandae sit et sed nulla quibusdam sed. Illo officia quo et autem eveniet. Rerum et id molestias ut perferendis aliquam. Qui a pariatur similique occaecati. Praesentium officiis et fugiat voluptates officia architecto veniam. Qui consequatur minima distinctio sit vel porro eius.
Qui id maxime illum nesciunt tempore commodi explicabo. Ratione qui mollitia sit aut unde eum eligendi. Est facilis aut veniam.